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. >> in europe, google faces anti-competition measures. >>> in the united states, ben bernanke gets ready to outline an exit strategy to a skeptical congress. >> a warm welcome to "worldwide exchange." i'm chloe cho in asia. it's just past 5:00 p.m. in singapore. let's check on where the asian markets are wrapping up the trading day. mostly weaker today on the back of weaker consumer confidence numbers. and toyota lows taking the nikkei lower by 1.5%. the hang seng off 0.75%. on the other hand, we have the shanghai composite erasing all of its earlier losses, pushing higher by 1.3%. a lot of speculation in small cap stops and what may be linked to the national people's congress set to kick off next friday. other markets are weaker, the kospi down 1%. the bombay sensex has been trading around the front line. the aussie market asterisk comes off the table, a lot of commodities and resources lower. the s&p/asx 200 down .5%. let's check on the ftse cnbc global 300. slightly off 0.4% at 4,315. good morning, becky. >> good morning. it's about 10:00 on the continent. european markets have been t
>>> tonight on "the kudlow report," the washington snowstorm shut down congress. but ben bernanke released his new testimony, anyway. investors caught a chill on the news, and distinguished money expert john taylor has his own expert strategy rebuttal to bolster ben's manhood. you don't want to miss this one. >>> they're bearing gifts to the greece bailout problem. will the bailout issue ever end? >>> google is at war with china and now they're being thrown out of iran. they think they can stifle free speech, but i think the old human desire for freedom and democracy will still win out in the end. >>> has obama flipped out on greedy bonuses and business support? well, liberal columnist paul cra craigman is horrified, he thinks we're doomed. fasten your seat belts, everybody, "the kudlow report" starts now. >>> good evening, everyone. i'm larry kudlow. welcome back to "the kudlow report" where we believe free market kamt capitalism is the b path to prosperity. >>> our lead story tonight is fed head ben bernanke's leader to congress. how is he going to stop the zero interest rate mo
for an extended period. >> tom: but ben bernanke tells lawmakers he's moving ahead with plans to pull some of the rescue programs put in place during the financial crisis. you're watching "nightly business report" for wednesday, february 24. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. >> susie: good evening, everyone. your interest rates won't be going up for a little while longer. federal reserve chairman ben bernanke told congress today he does not plan to raise rates anytime soon. >> tom: susie, those were magical words for investors. stocks rallied with the dow gaining 91 points. >> susie: tom, bernanke also told lawmakers about the fed's plans to wind down the emergency lending programs put in place during the financial crisis. darren gersh has details, and how the transition back to normal could impact you. >> reporter: when you've pumped more than a trillion dollars into the financial system, as the federal reser
. >> in the united states, the spotlight shines today, ben bernanke is back on the hill and president obama's high profile health care summit. >> hello there. a warm welcome to "worldwide exchange." it's chloe cho in asia where it's just past 5:00 p.m. in singapore. a similar scene that we saw as yesterday, of course, investors picking up on bernanke's comments. going forward, could be weak. of course, we had some weak housing numbers, as well, along with disappointing consumer confidence this week. take a look at the damage report. the yen is not helping. nor are the toyota woes. the hang seng, slightly off the shanghai composite. we did have the auction yield on three-month bills along with one-year bills earlier this week that left those yields unchanged. a lot of investors seem to be thinking that perhaps this could be a sign the pboc is taking it easy as far as tightening is concerned. as for the other markets, the kospi down 1.6%. the bombay sensex is pretty much right along the flat line and the aussie market lower by 1.2%, back below that key 4,600 level and take a look at the ftse cnbc gl
morning. i'm mark haines. >> i'm erin burnett. front and center, benjamin s. bernanke. >> yes. >> will be testifying in front of the house financial services committee about the economy and anything else they want to talk about. that'll be live in an hour. >> how about the exit strategy? imagine there will be some questions about that. the sec meets on possibly curbing short sales. huge issue for the market. full details coming up. >> and president obama meeting with key business leaders. it's all happening during this show. we've got a lot of breaking news, big headlines for you. we will be all over it, mark. how are your futures? >> not too good. >> no. >> up 0.70. we get a little break here because we closed a point above fair value. but, you know, looking at maybe 15, 20 points on the dow at the open. let's hit the markets. peel back the layers of the onion starting with brian shactman at the big board. >> thank you. listen, asia and europe were pretty mixed. germany, their economy in an absolute standstill. doint need to go over bernanke and all things going on in d.c. wi
because of the greece situation, and also because fed chief ben bernanke is saying that they're going to look into the swaps specifically with goldman. so that is an issue, of course, as well. i want to bring in brian shactman who has been down here all day and tracking all of this action. a very big day, indeed, brian. let's talk about the economic situation and how the jobless claims are affecting this market. >> the truth is when americans woke up today, we will have a negative open because of europe. the concerns over greece, of course, made the euro softer and the dollar strengthen. we've had a real correlation with the dollar and the euro in eshgsz kitties and jobless claims hit and it was muted and boom, we bottomed out and they were a concern today and we have traders saying this is a 70% greece and the others is saying 100% about jobs. a lot of earnings and there's a big, big deal that we want to talk about today as well. >> coca-cola enterprises. this had been to some extent, somewhat expected within the m&a community. when you see a deal like this a multibillion deal, one w
anywhere on the globe. and then helicopter ben bernanke is going to capitol hill this week with a new blueprint for tighter money known as "paying interest on excess bank reserves." i don't buy it but we'll debate it. >>> and finally, the obama jobs plan which i call stimulus 2.0, full of gimmicks and high tax-job destroyers. i'll use my best right hook against the left jabs of mark walsh and david goodfriend two of my favorite liberal pals. fasten your seatbelts, everybody. "the kudlow report" begins right now. >>> good evening. i'm larry kudlow and welcome back where we believe freed market capitalism is the best path to prosperity. let's begin with tonight's money politics message. i'm trying hard to be optimistic about economic recovery in america and for that matter, around the world. in my world, optimism always beats pessimism every time. despite wayward policies from washington i still believe in the cyclical recovery scenario here at home. but the growing debt problem in the u.s., europe and elsewhere is starting to sack confidence in the optimistic growth scenario and i have
to thank chairman bernanke for being here today. starting with your discussion on page 4, in addition to closing special facilities the federal reserve is normalizing its lending to commercial banks through the discount window and you go on to talk about your new federal funds rate and discussion about why you have done this and encouraging banks to go to the private market for investment and you say further in this discussion that these adjustments are not expected to lead for higher financial conditions for households and businesses. the last thing i heard before i came here this morning was a prediction by some of the analysts on television that in about one month we can expect that there will be an increase in interest rates on mortgages and home loans and everybody that i've talked to really believes that this change that you have made in the federal funds rate is what's going to trigger that. is that true or did you give any thought to this? how can you guarantee that it won't? >> congresswoman, it's not the federal funds rate that we raised. it was the discount rate. >> the dis
with thousands of flights grounded as we speak. >>> fed chairman, ben bernanke laying the groundwork on the central bank's exit strategy for the economic rescue efforts. we've got details of what mr. bernanke said today coming up. >>> but first here's a look at how we finished the day on wall street. the dow jones industrial average under water today. down 21 points on the dow at 10038. under a billion shares traded here on the nyse, as people stayed home, instead of embracing the heavy travel and heavy snow. s&p 500 down 2.5%. quarter of a percent lower at 106 and the nasdaq composite gave up three points and technology one of the winners on the session as was financial services. we get all of the action right now from bertha coombs our floor on the nyse. >> reporter: hey, maria, all things considered it's not a very bad day on the close, even though we closed to the downside. the real factors that kept people hessittant today, the snow of course. that kept volumes lower, but also the uncertainty about where we're headed with greece. this morning, as you take a look at the intraday
call." i am trish regan and we are 09 minutes into today's trading. market lower amid ben bernanke's comments and we'll talk about the fed's exit strategy and what it means for your money right now. hey there, larry. >> hey, trish. i'm larry kudlow, conflicting reports on whether there's a european plan to bail out greece. we'll have a live report from brussels and we'll discuss what needs to be done right here. good morning, melissa. >> as toyota's problems mount we ask are cars just too overengineered and sophisticated computers doing more harm than good. this is "the call" on cnbc. >>> it looked like it was going to be a positive day on this snowy morning in new york city as traders remained optimistic that there would be a bailout for greece, but then germany said there was no imminent plan and the rallies stalled and after ben bernanke announced the fed's exit strategy. take a look at how the s&p 500 is trading. it is down seven points on the day and it's two-thirds of a percentage point. take a look at the dow, it's down 59, almost 60 points and that's 0.1% and sitting below
honest about problems with its vehicles or could there be more troubles ahead? >> we know bernankes plan to pull the plug on the emergency support programs for the financial market. >> the on line diamond business. how much does the future shine? it's all ahead on today's "first business." >> you're watching financial news. >> thanks for joining us. news of a potential bailout for greece could be coming, helping to stabilize the financial markets. the european summit is taking place thursday. we could hear developments on greece. >> the chicago auto show is getting underway. toyota is one of the headline stories that we are watching, including the possibility of the president of toyota coming to the united states sometime in march. we'll have to wait and see on that one. >> other than that, not much going on on capitol hill this week. washington, d.c. is digging out from the huge storm. hearings that were to be held this week have been pushed back, including toyota's massive recall. >> this week a class action lawsuit was filed against toyota on behalf of people who bought the stock
. >> but they will be -- >> who will they be? >> ben bernanke. >> okay. senate banking committee. president holds a key health care meeting. that's why we have the white house. what else? >> snow in the northeast. it started as rain this morning for many this morning who are watching but it has turned into thick -- >> wet, heavy. >> idyllic if you're looking to -- >> don't shovel this stuff. >> well, good morning, everyone. it's good to be with you. we're here, glad you're here. i'm erin burnett. >> i'm mark haines. >> it says i'm market haines. i want everyone to know it's funny. >> yes, i noticed that. also front and center the number of u.s. workers filing initial claims for unemployment benefits rose unexpectedly last week. >> coca-cola striking a deal to buy the north american operations of its largest bottler. you just saw the ceo there. >> heinz posted $231 million profit. a lot of ketchup. >> futures are sad. >> not good. >> part of the reason for the sadness was an unexpected jump in unemployment claims. >> hum. >> much bigger jump than anticipated. a lot of people are looking through it and saying i
investigation. and fed chairman ben bernanke told lawmakers at a senate banking hearing today that he's reviewing goldman's derivative swaps with greece. >> obviously, using these instruments in a way that intentionally destabilizes a company or a country is... is counterproductive, and i'm sure the s.e.c will be looking into that. we'll certainly be evaluating what we can learn from the activities of the holding companies that we supervise here in the u.s. >> susie: at that same hearing today, bernanke repeated the same message he told house lawmakers yesterday-- he does not plan to raise interest rates anytime soon. so, if interest rates remain at historically low levels for many more months, what does that mean for stock investors? suzanne pratt asked some market pros for their opinion on that topic. >> reporter: when federal reserve chairman ben bernanke talks, wall street always pays close attention. that's because there's an inverse relationship between fed policy and stock prices. tighter money usually means stocks move lower, while easy money generally equals higher stock pric
, will they or won't they? the bailout chatter for greece intensifies. >> and here in the united states, ben bernanke will set out the fed's exit plan today but will likely make jobs clear, we'll still be in the car for some time to come. >> and welcome to "worldwide exchange." i'm christine tan in singapore where it's 5:00 p.m. in the city. let's get a view of where the asian markets have closed today. a lot of hopes pengd on the european union. they might come up with a plan to bail out greece. the nikkei 225 is up marginally. toyota continues to be focused. that stock climbing despite anal announcement that it's recalling another set of cars. the shanghai market up more than 1%. a lot of positive comments out in the country about strong import data and export data and that's helping to lift sentiment in china. the kos pit is moving up flat. people and investors are staying on the sidelines. the bombay sensex is trading down 0.5% and the aussie market is pretty much flat, up 0.2%. the ftse cnbc global 300 up 8 points, 4,243. ross, good to see you. >> hey, christine. we're very much focused on the w
not agreed to anything yet. >> and ben bernanke will be releasing his ideas on how the fed is going to pull back from its current role of propping up the economy in every way, shape, and form. we're going to have that live at 10:00. i know his comments are coming out, mark. i'm not sure if he's actually going to physically be there because you know in washington it's a little snow. what are they going to do? >> i think they now have a total of 50, five zero, inches on the ground. >> yeah, yeah. >> we also have big snow issues in new york, baltimore, philadelphia, airports closed, schools closed. it's a real mess. this is a live picture. >> wow. >> well, it was a live picture of reagan national airport. it is empty. >> that's amazing. it really is. mark, you know i remember when there was a forecast of snow things would be shut down and called off and to your point pretty incredible what has been going on there. snowmageddon. that's an amazing picture, live. no one at the airport. >>> the futures right now are plus 0.70 on the s&ps. we needed 1.42 to get to fair value. so it's very close to
. bernanke's testimony was released this morning. on outlining an exit plan, the market pretty much took a slide. a lot of things that told about -- heard about. the 10-year auction did not go too well. rick santelli will have more on that, partly because of the low volume, because of the storm. as the storm's intensified here in the northeast i know that traders are concerned about getting home and we've seen volumes get lower. financials have been the standout all day and really moved us into positive territory midday. jpmorgan, bank of america very strong. and strong that perhaps metlife set to buy its alcoa unit. energy and materials have gone back and forth as the dollar has gone back and forth. dollar lost ground midday. we saw them gained and now they're losing again as the dollar is stronger got and also got disappointing outlooks from lothan mentel. the super markets, maybe one of the benefactors to watch as far as the storms. their stocks today are doing pretty well. a friend of mine sent me picture it is from washington area super market chains there, calling them, so be it, s
, as well, and nursing losses from the federal reserve chief ben bernanke. we've got all the details. christine, we're waiting for the timing. >> that's right. let's see the properties expect of a package for gooes, is it having any impact on the euro right now? euro/dollar, 1.3763. euro is higher against sterling, 0.8841. euro/dollar 1.3763. dollar/yen, standing at 90 evening. a lot of eyes on what will happen with the package. nicole. >> the snowstorm may gone in the i'd, but it's reeking havoc in the east coast, especially in washington. government offices are closed for a fourth straight day at the estimated cost of $100 million in lost productivity. the senate will be back in session this afternoon, but no votes are scheduled. the weekly u.s. inventory data which normally comes out on wednesday has been postponed again until friday. january retail sales in december business inventories which were supposed to come out today have moved to friday. we still get weekly jobless claims at 8:30 new york time and they're forecast to drop by 12,000 to a total of had 68,000. >>> pepsi corp
? >> a lot of speculation about the ecb and real quickly, i just want to mention that the bernanke hearing for tomorrow has been postponed. the expectation is that that is related to weather issues, of course. we've got a big storm coming our way here on the east coast. in the meantime we're looking at a market that's been up triple digits. up 99 and 100 as i speak and this is primarily because there is hope that, in fact, greece's problems may be somewhat tempered by the european union coming in and doing some kind of rescue, some kind of bailout. i want to bring in bob pisani. we've got a lot to talk about, bob. first, bernanke hearing. >> it's just because of the snow, there's nothing else going on. it's that simple and that makes a lot of sense and that's what traders have been saying and we're waiting for an official reason. >> mr. trichet is on his way back from sydney as we speak a day early and a lot of people are putting their hopes on him coming forward with some kind of plan. >> it's actually moved the markets. remember in '92 with the treat they created the whole euro, and gree
on a bailout for the debt-strapped country. >>> on exit strategy, ben bernanke unveiling his plan for the fed's next move. and the house of mouse, disney posting strong quarterly results and investors are responding. a cnbc exclusive with ceo bob ieger, "squawk box" begins right now. >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick. joe and carl are out today. steve liesman is spending the week on set with me and this morning we are joined by "fortune" magazine editor andy soerwer. >> good to be here. >> meantime, wall street is bracing for a winter storm this morning as the second snowstorm in a week descend eds on new york. washington, philadelphia, they are expected to be hit and hit hard. the federal government in washington is closed for a third straight day at an estimated cost of $100 million in lust productivity. government offices in boston, baltimore and philadelphia all announcing that they will be closed. congress, by the way, is canceling votes and rescheduling hearings. the united nations headquarters in new york city shutting down schools all th
by a blueprint coming out from bernanke this week on a plan for credit tightening? >> now, you know, this is the usual thing, nicole, bernanke will come out and he'll have to be careful what he says. he has been saying we'll have an exit policy but not yet. exit policy means look at my finger. higher interest rates. it's like saying the market correctors. was it wrong before? the exit policy is when we're going to see higher interest rates in the united states and of course the markets right now don't want to hear about that. bernanke is saying when the time is appropriate will include interest rates because the markets will want to know when is the appropriate time. can you spell out what's going to happen? the problem is guess what? we're having low unemployment so what if we have low unemployment the month after that? will that be the appropriate signal? >> there we go. andrew freris to stay with us. we'll get you some headlines making news right now. meanwhile, around the world, in the united states, the head of the world's largest bond fund says 2010 will be a year of sovereign
, fed chairman ben bernanke has returned to capitol hill this morning. and investors are looking for more clues on the central bank's next move. and the markets at this hour have u.s. equity futures under a bit of pressure after yesterday's rebound as "squawk box" begins right now. >> welcome to "squawk box" right here on cnbc. i'm becky quick along with joe kernen at the cnbc world headquarters. carl is in washington this morning where president obama is hosting a televised health care summit. we'll have more from carl on that story. but joe, that's not the only news in washington today. >> no, it's not. we may pipe in that music with carl down there and he'll be looking good. he'll have his jacket on. >> he always looks good. >> yes, he does. also in washington, carl is there, but also this other guys that's going to show up. that's not really what all the scuttlebutt is going to be about down there. it's about carl. but ben bernanke will come back and testify on the hill today. yesterday he pledged to continue record low interest rates for, in his words, an extended period. >>
. >> if you want to keep jobs here, you have to find a way to incentivize corporations. bernanke's height rate plan. we will take a look at the policy shift. >> it costs $150 billion a year to treat alzheimer's. medivation is helping find a cure. the stock is up 80% of the year. their ceo joins us about their late stage development drug. >>> the fed is set to unveil its rate hike plan. it is going to be a delicate balancing act for policymakers. steve liesman heads big reporting on this story for weeks, months, maybe years, joins us now with the very latest update. steve, what are they cooking up? >> you know, the question, you know, fed chairman goes to the hill wednesday. the question is whether we will hear anything new from the considerable talk from the fed already about the exit strategies which we reported quite a bit. fed has been transparent about the plans to unwind easy policies. not necessarily in one place. the reason the fed wants to let markets know what it is cooking up for the piece. but afraid too much talk to believe war over the financial cries sis over. the fed does want t
much, sharon. we're not getting as much volatility today as yesterday although ben bernanke's tax did get a little movement. if you look at two-year yield it's slightly elevated and you look at the curve it's know changed. there's a potential for an exit strategy as depicted by that text. if you look at the next chart, indeed the euro versus the dollar has been mostly down, but it is bouncing back a bit especially in the last hour or so, keeping up with the headlines and some of those headlines, hey, the checks didn't have a good day and they sold an additional 150 million u.s. equivalent of their 15 year. they wanted to sell more, but portugal had better luck selling u.s. equipment of the 4 billion of ten-year note and let's hop across the pond and rebecca me ham. >> let's take a check of what's happening in europe and it's all about greece. no surprise there and we check on the fotse, the cac and the dax. 2.4% higher for greek eiquities today. we know we've had the european finance chiefsi having a conference call today. the ecb governing body is having a call tonight and tomorrow a
. >> sreenivasan: wall street racked up gains today after the federal reserve chairman, ben bernanke, said interest rates need to stay low. the dow jones industrial average gained more than 91 points to close at 10,374. the nasdaq rose 22 points to close near 2,236. public and private sector workers walked off the job across greece today. it was the second 24-hour strike in the last two weeks aimed at a government austerity plan. demonstrators clashed with police in athens, after a peaceful march had ended. they were protesting plans to cut government spending because of a debt crisis. greece has announced wage freezes, bonus cuts and pension reform over the last month to save almost $7 billion. the u.s. house has stepped up the pressure on health insurance companies. it came a day before the president's bi-partisan summit on health care reform. health correspondent betty ann bowser has the story. >> this meeting will come to order. >> reporter: the target at a house hearing today was wellpoint-- the parent company of california's anthem blue cross. >> corporate executives at wellpoint are thriving
year. government spending has done next to nothing. bernanke still has no real strategy. we're going to get to all of that with our market panel. who joins us now to talk about these many events of the week. we have peter morici of university of maryland. dan fitzpatrick and john carney returns. you know, dr. frolick, i want to begin with you. not greece, not the euro, not the snows, nothing really week.d stocks from going up the market has peaked in mid january and hasn't moved much in many months. but the fact remains, things may not be so bad. weigh in. >> i think it comes down to earnings, larry. we got some great efshgs. across the board, time warner, ann taylor, a look at comcast, even moodie and sony, it wasn't just earnings, larry, it was top-level revenue growth. the big picture, when you look at china, understand even with them slowing down, when they slowed down the first time, china banks still let $2 billion this january. third highest on record. as investors you have to realize this is money already in pipeline. when you think of china mustard seeds, larry, they're abou
up at a senate hearing today with fed chairman ben bernanke. >> we have a situation in which major financial institutions are amplifying a public crisis for what would appear to be for private gain. i want to ask you here whether or not you think there ought to be limits on the use of credit default swaps to prevent the intentional creation of runs against governments. do you have any quick comments on that? >> using these instruments in a way that intentionally destabilizes a company or a country is... is counterproductive, and i'm sure the sec will be looking into that. we'll certainly be evaluating what we can learn from the activities of the holding companies that we supervise here in the u.s. and joining me with the latest on all this is roben farzhad, senior writer for "bloomberg business week" magazine. in general terms first, what exactly is chairman bernanke promising to look into? >> this has for the better part of the decade been the great big unknown, this world of derivatives which are largely unregulated secondary investment vehicles. they're almost train of thought.
't you tell us what you think after hearing a couple days of bernanke's testimony on the hill. does it change your outlook on what the fed is doing? >> no, as long as they use the magic words, extended period, we know the fed will be on hold for at least six months. that's what bill dudley told us. he said extended period was the language the fed has put in the policy statement, means at least six months. it was a phrase repeated by st. louis fed president bullard recently. so whenever bernanke puts his word in on it as well, we can feel assured that the fed is not likely to move for at least six months. the fed needs to be very clear at this day and age. so if they're telling us that that's what extended period means, that's what it means. and so, until there's some other clarifying comments, that's what we have to go on. >> we had somebody who told us yesterday that maybe they could move 25, 50 basis points. it's not the extended period but they're focusing on the incredibly low rates. either one of you guys quily think that's the case? >> the focus is on the extraordinary program
tonight. thank you. the federal reserve chairman ben bernanke laid out the blueprint for the fed's plan to recoup all the money it loaned out in the great recession and in turn winding down the stimulus program. bernanke issued a statement saying the fed will try to raise the interest rate it pays banks to keep money in the u.s. central bank. analysts say that way banks would be less inclined to put money on risky investments. but they also say that could hurt consumers because those banks would have more incentive to sit on their money and earn interest rather than lend it out to you and me. but, bernanke says the plan will not be implemented until the economy is on a firmer footing. on wall street, the stock market managed to steady itself before the closing bell today. after hearing bernanke's plans concerning the central bank, stocks suffered sharp early losses before reversing course later in the day. the market ended up just about where it started. the dow dropped 20 to close a little bit above the 10,000 mark. the nasdaq down 3. the s&p off 2. while the fed works on the financial
, you have three big concerns. bernanke's confirmation, slowing china growth and obama slapping the banks around in the aftermath of the massachusetts miracle. i think investors have really focused upon those things and have used those skuexcuses to t profit. >> you don't seem to think things are over. we're due for a pullback and maybe the bull market continues? >> you look at fourth quarter earnings right now and i guess we're about halfway through the season. two-thirds of the company have beaten on revenues. you have consensus earnings for s&p that have now moved up to $76 a share. that puts multiple of a 14 times forward earnings. you have core inflation below 2% year over year. 3.6% treasury yield. multiples are too low. you'll see more corporate earnings improvements and stocks will go higher. >> massachusetts miracle? massachusetts disaster maybe. massachusetts tragedy maybe. >> depends on your point of view. >> i guess it does. i want to get that other side in. >> why are you looking at me? phil is the guest. >> i'm sorry. >> jay, what do you think of that scenario? thi
of the treasuries this week at what happened in there, and what bernanke said, that maybe this economy's coming around. he suggested earlier in the week that maybe the discount rates might have to be raised. the only time they're going to raise the discount rate is if things are moving around pretty good. he throws that out there to see how the market would react. it reacted well to it. i think if retail sales is neutral to a positive number, that will help the market going into the weekend with the momentum. you have this sovereign debt thing, which greece seemed to abproblem, but doesn't seem to be a problem anymore. >> thanks so much, ron pankau. >> lawmakers unveiled a proposal for a jobs bill on thursday. senators are not likely to vote until the last of the february. it's an $85 billion plan including tax breaks for small businesses hiring new workers, along with construction projects, and an extension of unemployment benefits and health care coverage, along with other ideas. >> recent numbers show the job market is trying to recover with some applications for unemployment benefits fallin
at worldfocus.org. >>> in this country federal reserve chairman ben bernanke said today he's looking into weather goldman sachs and other wall street firms may have helped push greece toward financial ruin. the issue is is the use of those credit default swaps, th serve as an insurance against risk and let the banks gamble that greece might default on its debt. ultimately they make it more expensive for greece to borrow money. greece's debt crisis played out on the streets as well. thousands took part in a protest yesterd yesterday. such a default would be among the first of the 16 country that is use the euro as currency. questions are being raised about how the situation was allowed to get so out of control in the first place. for more on that, we are joined once again by a senior writer for bloomberg business week. >> hi martin. >> this is a little confusing, let's try to follow along. there have been reports of several american financial service companies, how they helped greece mask how bad the financial situation was in that country. how did that work? >> on a day-to-day level,
for the world economy if they do. >> what about the drama around ben bernanke. he was confirmed for a second term in the senate as chairman of the federal reserve. was it justified? is that deserved? separate three, fed kept interest rates unchanged. any surprises? >> well, it would have been pretty scary if they hadn't confirmed him. i mean, what it would say is congress wants to run the fed. there are other good candidates but ben has done a great job the last year especially, and it just wouldn't have been good for congress or for the institution if he wasn't. >> laura? >> i agree completely. this has been tied up with discussions that many members of congress have about really trying to weaken or take power away from the fed. >> are you concerned about the independence of the fed? >> i am. i am absolutely. >> why? tell me. >> congress got a look at what it can do. congress knew it could set interest rates but oh, my gosh they can print a couple trillion dollars of debt. they can buy consumer loans. we don't want someone to have that kind of power. so it makes them want to get in on that
an exit strategy to tighten credit once the economy picks up. chairman ben bernanke outlined what the fed could do but not when it would do it. the move would include raising the discount rate was what the fed charges for loans it makes directly to banks. it could also boost the interest rates it charges on excess reserves. money that they keep at the fed. that would give banks more incentive to keep money there and less incentive to lend which, of course, would in turn, increase consumer rates and slow down lending and the economy. earning season is slowing down but two consumer giants reported this week. consumer giant disney beat analysts' expectations while coca-cola met analyst's predictions. even though the debt crisis in europe may sound obscure, it's important to america and the markets in the u.s. to explain why and what could happen next, the ceo and co-cio of pimco, the world's largest bond fund. muhammad, always wonderful to have you on the program. thank you for joining us. >> thank you, maria. >> let's talk about these concerns about the debt in greece which, of course, has
. >>> meanwhile, federal reserve chairman ben bernanke on the hill today as well, responding to a news article that goldman sachs and other major investment banks were shorting the very greek debt that they were helping the country issue. senior economics reporter steve liesman now with that story. >> reporter: maria, thanks. fed chairman ben bernanke said that the fed is examining the actions of goldman sachs and other banks surrounding two issues. first, whether the bank helped sell debt that essentially allowed greece to disguise the true amount of its debt, and second, whether it was appropriate for them to be essentially shorting that debt through the derivatives known as credit default swaps. >> we are looking into a number of questions relating to goldman sachs and other companies and in their derivative's arrangements with greece, and on this issue as well. as you know credit default swaps are properly used as hedging instruments -- >> i agree. >> we, the s.e.c., of course, has been interested in this issue. obviously, using these instruments in a way that intentionally destabilizes a
was widely expected. ben bernanke came out last week saying a hike was coming, but many economists thought that the fed would at least wait until the next policy meeting next month. and in its statement, the fed says that the economic outlook does remain the same, reiterating that the benchmark rate will sustain for a period and that was echoed by the atlanta fed president, st. louis fed president and fed funds futures are pricing in a 25% chance of a rate hike by the end of the year. checking shares of u.s. bank in frankfurt, down across the board with citi lower, 1.4%. morgan stanley down 2.7%. ross. >> yeah. meanwhile, nicole, european stock markets ahead of the u.s. open, they've short of taken it mostly in their stride. we've had a sunny bit of green on the board this morning. we've dipped down slightly, off about .25% for the ftse 100. a little more for the german and french markets. smi, as we heard earlier, really good numbers from nestle, talking about growth in asia, so doing all the sort of things that james bev aan next to me likes. and the dollar has come off the highs on the
to believe the date when ben bernanke moves it off zero is getting closer. c i don't see anything in that data. we don't look like greece. we don't look like spain either. people are up because we have had good news. >> take note. the front end is being held by the fed at zero. and the concerns are starting to mount. what you're starting to see is the stheppening but the growth is not as strong as people indicated originally. >> that's not how i read the data. long-range dates went up today, the date that we are taping because the philly -- there was optimism not pessimism. >> we have 1.7 trillion in the market. interest rates do not go up, which i think is a totally unrealistic assumption over time based on the sides deficits that we're talkingng about. >> and banked on what bernanke -- >> we can debate how quickly and fast but here is the key. even if they don't go up, the single largest line item in the federal budget within 12 years will be interest on the federal debt. larger than defense. larger than medicare. larger than social security. what do weit get for that? nothing.
americans back to work as soon as possible. >> reporter: ben bernanke says jobs are the key to an economic rebound. >> unemployment is the biggest problem we have. >> reporter: meanwhile, there's more bad news from the housing front. despite continuing tax incentives from uncle sam, new home sales in january unexpectedly plunged to a record low. brian mooar, nbc news, washington. >> that announcement from fed chairman bernanke sent stocks higher today. the dow picked up 92 points and finished at 10,374. the nasdaq was up 22 points on the day and the s&p gained 11 points. >>> police and demonstrators clashed today in greece. an estimated 50,000 demonstrators staged a march in athens against government austerity measures. some of the steps may include salary cuts and pension reforms. labor unions organized this protest march. things got violent for about lf an hour near the parliament. protesters hurled rocks, red paint and plastic bottles at riot police and the police responded with batons and tear gas. today the unions also called a 24-hour strike that grounded flights, shut down schools,
bernanke and the possibility of raising interest rates. or effectively raising interest rates. that is today's street poll. not long ago, this man had limited mobility. last month, this woman wasn't even able to get around inside of her own home. they chose mobility. and they chose the scooter store! if you or a loved one live with limited mobility call the scooter store! no other company will work harder to make you mobile or do more to guarantee your complete satisfaction. if we pre-qualify you for a new power chair or scooter and your claim isn't approved, the scooter store will give you your power chair or scooter free. that's our guarantee. they were so helpful and nice. they filed all the paperwork, and medicare and my insurance covered the cost. we can work directly with medicare or with your insurance company. we can even help with financing. if there's a way, we'll find it! so don't wait any longer, call the scooter store today. >>> as america slowly recovers from the recession many investors have been looking to china, the country's economy is in the middle of a huge
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